VANCOUVER, BC, April 25,
2024 /CNW/ - TAG Oil Ltd. (TSXV: TAO)
(OTCQX: TAOIF) (FSE: TOP) ("TAG Oil" or the
"Company") is pleased to announce that it has successfully
pumped all twelve planned stages of its multistage hydraulic frac
on its BED4-T100 ("T100") well location. Stages one through
three, which are located across the heavily fractured and more
permeable section of the well, received a concentrated acid
stimulation while stages four through twelve were mechanically
fracture stimulated with proppant. At least 50 tonnes of sand were
used per stage in the mechanically propped fracture stages with
over 1,000,000 pounds successfully pumped across the 308-metre
lateral section.
The fracture equipment has been moved off location, and a coiled
tubing unit is in the process of drilling out the ball seats used
to separate the fracture stages that will be followed with the flow
back operations in the next several days.
TAG Oil's technical team is assuming approximately 7-10 days of
flow back before it expects to see consistent clean oil flows.
Stabilized flow rates are expected approximately 10 days after
consistent oil rates are achieved. Accordingly, the Company expects
to be able to release flow rates on the T100 well at some point
during the month of May.
A further update will be provided in due course on the well
tie-in and facilities configuration after production volumes have
been established.
About TAG Oil Ltd.
TAG Oil (http://www.tagoil.com/) is a Canadian based
international oil and gas exploration company with a focus on
operations and opportunities in the Middle East and North Africa.
Email: info@tagoil.com
Website: http://www.tagoil.com/
LinkedIn: https://www.linkedin.com/company/tag-oil-ltd
X: https://twitter.com/tagoilltd
Neither the TSX-V nor its Regulation Services Provider (as
that term is defined in the policies of the TSX-V) accepts
responsibility for the adequacy or accuracy of this
release.
Forward-Looking
Statements
Statements contained in this press release that are not
historical facts are forward-looking statements that involve
various risks and uncertainty affecting the business of TAG Oil.
All estimates and statements that describe the Company's operations
are forward-looking statements under applicable securities laws and
necessarily involve risks and uncertainties. Actual results may
vary materially from the information provided in this release, and
there is no representation by TAG Oil that the actual results
realized in the future will be the same in whole or in part as
those presented herein. TAG Oil undertakes no obligation, except as
otherwise required by law, to update these forward-looking
statements if management's beliefs, estimates or opinions, or other
factors change.
Exploration for hydrocarbons is a speculative venture
necessarily involving substantial risk. The Company's future
success in exploiting and increasing its current resource base will
depend on its ability to develop its current properties and on its
ability to discover and acquire properties or prospects that are
capable of commercial production. However, there is no assurance
that the Company's future exploration and development efforts will
result in the discovery or development of additional commercial
accumulations of oil and natural gas. In addition, even if further
hydrocarbons are discovered, the costs of extracting and delivering
the hydrocarbons to market and variations in the market price may
render uneconomic any discovered deposit. Geological conditions are
variable and unpredictable. Even if production is commenced from a
well, the quantity of hydrocarbons produced inevitably will decline
over time, and production may be adversely affected or may have to
be terminated altogether if the Company encounters unforeseen
geological conditions. The Company is subject to uncertainties
related to the proximity of any resources that it may discover to
pipelines and processing facilities. It expects that its
operational costs will increase proportionally to the remoteness
of, and any restrictions on access to, the properties on which any
such resources may be found. Adverse climatic conditions at such
properties may also hinder the Company's ability to carry on
exploration or production activities continuously throughout any
given year.
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SOURCE TAG Oil Ltd.